Bajaj Finance Ltd., the promoter of Bajaj Housing Finance Ltd., will sell up to 2% stake to comply with the requirements of minimum public shareholding.
The promoter stake aggregates to 88.7% of the total paid up capital of the company as on date. "Out of the total share capital held, the seller proposes to divest upto 2% of its equity share capital of the Company not exceeding in aggregate upto 166,600,000 shares in one or more tranches," an exchange filing said on Monday.
According to SEBI rules, listed companies must have at least 25% public float to ensure market integrity and liquidity. Companies with a post-issue market capitalisation (market cap) between Rs 50,000 crore and Rs 1 lakh crore have up to five years to meet the 25% MPS, and those with a market cap over Rs 1 lakh crore can have up to ten years.
Bajaj Finance will sell shares in the secondary market on Tuesday, Dec. 2. The floor price for the block deal is Rs 95 per share, a 9.6% discount to the previous close, as per a termsheet accessed by NDTV Profit. The deal value aggregates to Rs 1,580 crore.
The remaining promoter equity will be locked-in for 60 days.
IIFL Capital Services Ltd. is the sole merchant banker to the deal
The housing finance company made its stock market debut in September 2024. The stock is down 36% since then.
Bajaj Housing Finance share price settled 0.5% lower at Rs 104.49 on the NSE, ahead of the announcement, compared to a 0.1% decline in the benchmark Nifty 50.
RECOMMENDED FOR YOU
Trade Setup For Nov. 25: Nifty Short-Term Support At 25,600 After Second Profit-Booking Session
Trade Setup For Nov. 17: Nifty Faces Immediate Resistance At 26,000–26,100
Bajaj Auto Q2 Review: Fairly Valued; Motilal Oswal Maintains 'Neutral' On The Stock — Check Target Price
'I Was 18–20 Years Old!' Brazilian Hairdresser Alleges Her Old Photo Was Used In Haryana Voter Fraud
POPULAR